Job Offer & Salary Negotiations

134 Mary Gates Hall (206) 543-0535 [email protected]

www.careers.washington.edu

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Overview

Employer’s concerns Negotiations timing and strategies Scenario Negotiation Tips Employer turn offs Cautions Comparing offers Acceptance and follow up Further info 4/28/2020

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Salary Negotiations

The idea is to approach the issue as if problem solving with both you and the interviewer working for the same objective fair compensation • Express appreciation and acknowledge the interviewer’s investment of time and effort 3 4/28/2020

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Employer’s Concern

The employer is mostly concerned about… – a) getting you at a bargain – b) what you need to survive – c) finding a good match regarding your value and the position at a fair salary – d) whether you fit into their budget –

c) finding a good match at a fair salary

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Employer’s Concern

“How can you be valuable to me?” 5 • Ways to demonstrate value and worth – Strengths, accomplishments and results in ... academic coursework and projects, jobs, internships, student organization experience, volunteer experience, activities 4/28/2020

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Added Value Items

Special skills and training – up to 5% increase Related experience – Internships, co-ops, jobs – 1-3% increase Hot Jobs – up to 5% increase University Reputation – 1-2% increase for better programs All dependent on company needs and labor market conditions 6 4/28/2020

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Discussing Salary

The best time to discuss salary is… – a) before the job is offered so they see the bargain you are – b) after the job is offered – c) at the end of the first interview – d) best not to discuss and just take what is offered 7 •

b) after the job is offered

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Researching Salaries

NACE Salary Survey • Web Resources – www.jobstar.org/tools/salary/index.htm

– – – www.quintcareers.com/salary_negotiation.html

www.payscale.com

www.salary.com

• UW Libraries – http://www.lib.washington.edu/ • • Books and Guides Vault Online Career Library 4/28/2020

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When to Accept?

The best time to accept a job offer is… – a) as soon as you get one – b) during the second interview – c) after you get all your offers – d) after you have had time to think about it – e) within one week of receiving it •

d) after you have had time to think about it

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Got the Offer?

Once you have accepted an offer… – a) you can ignore it if a better job comes along – b) you keep looking for other jobs to get the employer to raise their salary – c) you stop your job search – d) you jump up and down and say “Yes!” •

c) you stop your job search

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Scenario

• Tom has been interviewing with several companies and has received a job offer from a smaller local firm that would allow him to work on a variety of projects, develop new skills and continue taking courses at the UW. The company has given him one week to review their offer. • During that week Tom interviewed with another large well known out of state firm that would look good on his resume. At the end of the week he had not heard from the large company, so he accepted the job offer from the small local firm. A half hour later he received a call from the large company offering him a job at $5,000 more annually plus a signing bonus. 11 What’s at risk here? What are other options?

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Second Thoughts?

If you accept an offer and back out… – – – a) the recruiter will forgive and forget b) you can reapply later and it won’t matter c) the recruiter may remember you and think less of your integrity – – d) you may likely never be able to work for that company e) your reputation in the industry will be diminished

c, d, and e) your integrity and reputation will be impacted and the company won’t likely hire you in future

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What Does It Cost To Hire?

The average cost-per-hire for a company is approximately… – a) $1,000 – b) $4,000 – c) $6,000 – d) $10,000 13 c) $6,000 – though could be more than $30,000 depending on the level of the position Source: National Association of Colleges & Employers, and Electronic Recruiting Exchange 4/28/2020

Salary Negotiations

• Emphasize fairness and trust – Both parties are working towards the same goal  fair compensation 14 4/28/2020

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When Do You Negotiate?

Getting the job offer before you discuss salary gives you more leverage • • • After the final interview employers may extend an offer in person, or by mail, email or phone The actual negotiations may take only a few minutes Be prepared – research salaries 15 4/28/2020

Salary Negotiation Tips – #1

• Get the employer to name a pay range (the top and bottom of a salary scale) at the start of the negotiation. This should happen AFTER a job offer has been made. If an employer asks about salary before the job offer, keep the emphasis on the job match : • • Employer: “What kind of salary are you thinking of?” Applicant: “If you don’t mind, before we discuss salary,

I’d like us both to see if the position is a good fit for me and for your organization. If it’s right for me, and for your organization, then I feel sure we can agree on salary. Is there more about the job that you can tell me?”

Salary Negotiation Tips – #2

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If an employer insists on trying to discuss salary before there is a

job offer, ask for the salary range before you commit to anything: – Employer: “If you are too rich for our blood, there’s

no point in taking more time. How much money do you want?”

– Applicant: “What is the salary range for this

position?”

Salary Negotiation Tips – #3

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If an employer offers a range that is below what you feel you are

worth, you might say: – –

“I think you will find I’m worth more than that, but I’m willing to go on talking if you are. Perhaps the job description could be modified to make higher pay reasonable; or I might have to lower my sights at this time because of benefits I don’t know about in the future.

This does seem to be the kind of organization in

which I would like to contribute. How can we make this work?”

Salary Negotiation Tips – #4

• If you feel that the salary range is reasonable and that your talents have been fully appreciated, you could reply: –

“I think you know you can depend on me and that my skills are valuable. On that basis, I believe I am worth close to the top of the range. What do you think?”

• Use silence at this point. The employer needs to respond.

– Employer: “We always start newcomers at the bottom of

the range.”

– Applicant: “I can understand that. But I think I bring

more experience and skills than the typical newcomer. I’m sure you will find I’m worth placing in the top half of the range. How could we make that happen?”

Salary Negotiation Tips – #5

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Even if the employer comes back with something lower, keep

talking about what you are WORTH, not what you need. – – Remind employers of your background and skills, and that they are worth something more than is being offered. Your worth must be not only demonstrated, but consciously known by an employer before it is truly valued. •

If you cannot get an employer to offer a salary increase, remember that there are other things for which you can

negotiate: conference money, professional development, more vacation time, bonuses, etc. You can also negotiate for a review and possible raise sooner than is normal for that position.

Salary Negotiation Tips – #6

• If an employer offers you the job, but no salary has been discussed: – Employer: “We like what you have to offer. When can

you start?”

– Applicant: “I feel I would like to work with you. I

could start next week. What is the salary range for

this position?” (Employer gives range.) “I think you

know that you can depend on me to ‘hit the ground running,’ and on that basis I’m worth close to the top of the range. What do you think?”

Another Strategy: Negotiate for the Future –

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When the money is not up to what you feel you are worth, you might negotiate for an early review and pay increase, perhaps at the end of the initial probation period.

– – Applicant: “You know, the salary you offer is less than what I

have been earning. I feel that’s because you haven’t had a chance to see my skills in action yet. I believe it will take no longer than three months for you to see the caliber of my work. Under those circumstances, I would like to propose that my work be reviewed in three months and that I be given an appropriate pay increase if that is indicated. Do you think that could be done?

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What to Negotiate

Most negotiable – Paid time off – Relocation – Flex time – Additional training/schooling • Other negotiable items 23 4/28/2020

How to Keep Negotiations Going

24 • • Ask questions… – “What do you think?” – “How can we make this work?” – “What is the salary range for this position?” Avoid… – “Why can’t you pay me more?” – “I need more to live on…” 4/28/2020

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Employer Turn-Offs

Comparing their offer with other company offers to other students – Especially if only small differences: ($1,000-$2,000) Applicants who are focused only on money and try to negotiate every item 25 • Negotiating performance review dates different from company policy 4/28/2020

Cautions and Caveats

• • • • • • You might be happy with first offer Asking “Is it negotiable?” if not sure Be aware of monetary and cultural cues Use caution with email salary negotiations Think before you speak How you negotiate sets the tone for how you enter the organization 26 4/28/2020

Comparing Offers

• Financial - salary, bonus, stocks, relocation expense, retirement plans • • • • Benefits - medical, dental, other insurance Challenging projects Growth - training and development Other - conference attendance, vacation and other leaves, flexible hours, on-site amenities 27 4/28/2020

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Acceptance & Follow-up

Get job offer and salary in writing • Acceptance/Withdrawal letters in Career Guide (p.25) 28 • Acceptance remorse – attitude  no regrets • • best decision at the time based on information you have consider your own integrity and ethics 4/28/2020

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Further Information

Web Resources via Career Center website UW Odegaard Library Career Section – 2 nd Floor CollegeGrad.com

– Under Offer – Click on Salary and Negotiation Salary.com

PayScale.com

Questions??

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Job Offer & Salary Negotiations

134 Mary Gates Hall (206) 543-0535 [email protected]

www.careers.washington.edu